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American industry and labor prospered after World War II, but hard times set in after 1970. For the first time there was stiff competition from low-cost producers around the globe. Many rust belt industries faded or collapsed, especially the manufacture of steel, TV sets, shoes, toys, textiles and clothing.
While the North doubled its money supply during the war, the volume of money in the South increased 20 times over from 1861 to 1865, and prices soared. An item that cost one Confederate dollar in 1861 cost 92 of these dollars in 1865.
In macroeconomics, the guns versus butter model is an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and civilian goods. The "guns or butter" model is used generally as a simplification of national spending as a part of GDP. This may be seen as an analogy for ...
The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized. [91] Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over half its value. [84]
Canals' shipping costs were between two and three cents per ton-mile, compared to 17–20 cents by wagon. [7] The cost of constructing a typical canal was between $20,000 and $30,000 per mile. [9]: 53 Only 100 miles of canals had been built in the U.S. by 1816, and only a few were longer than two miles.
A banking panic and a collapse in the money supply took place in the United States that was exacerbated by international commitment to the gold standard. [53] [54] [55] Extensive new tariffs and other factors contributed to an extremely deep depression. [56] GDP, industrial production, employment, and prices fell substantially.
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The Great Deflation or the Great Sag refers to the period from 1870 until 1890 in which the world prices of goods, materials and labor decreased, although at a low rate of less than 2% annually. [ 1 ] [ dead link ] This was one of the few sustained periods of deflationary growth in the history of the United States.